Spentex Industries Limited |
Regd. Off : A-60, OKHLA INDUSTRIAL AREA, PHASE - II, NEW DELHI - 110020. |
| AUDITED FINANCIAL RESULTS |
FOR THE YEAR ENDED MARCH 31, 2008 |
| |
|
|
|
|
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|
( Rs. in Lacs) |
|
| PARTICULARS |
3 months ended (31/03/2008) |
Corresponding 3 months ended in the previous year (31/03/2007) |
Accounting year ended (31/03/2008) |
Previous accounting year ended (31/03/2007) |
(Unaudited) |
(Unaudited) |
(Audited) |
(Audited) |
| 1 |
Net Sales/ Income from Operations |
21,940.46 |
21,745.89 |
77,787.82 |
75,241.00 |
| 2 |
Other Income |
613.92 |
1,171.96 |
3,688.49 |
3,549.57 |
| 3 |
Total Income (1+2) |
22,554.38 |
22,917.85 |
81,476.31 |
78,790.57 |
| 4 |
Expenditure |
|
|
|
|
| a) |
(Increase) / decrease in stock in trade and work in progress |
750.12 |
1,673.87 |
(2,642.33) |
(1,465.58) |
| b) |
Consumption of raw materials (including consumption of stores, spares and packing materials) |
12,664.56 |
10,641.54 |
50,020.54 |
37,897.90 |
| c) |
Purchase of traded goods |
2,253.87 |
3,873.81 |
6,490.64 |
16,495.90 |
| d) |
Employees cost |
1,414.56 |
1,225.36 |
5,582.29 |
4,436.33 |
| e) |
Depreciation (including amortisation) |
1,055.81 |
1,684.75 |
4,229.77 |
3,569.74 |
| f) |
Power and fuel cost |
1,730.13 |
2,003.12 |
7,775.62 |
6,913.64 |
| g) |
Other expenditure |
2,703.64 |
1,010.22 |
7,377.26 |
5,705.92 |
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Total |
22,572.69 |
22,112.67 |
78,833.79 |
73,553.85 |
| 5 |
Profit / (Loss) before Interest and Tax
(3-4) |
(18.31) |
805.18 |
2,642.52 |
5,236.72 |
| 6 |
Interest |
|
1,853.29
1,505.21 |
6,750.94 |
4,618.71 |
| 7 |
Profit /(Loss) from Ordinary Activities before tax (5-6) |
|
(1,871.60)
(700.03) |
(4,108.42) |
618.01 |
| 8 |
Prior period item |
|
112.41
- |
112.41 |
- |
| 9 |
Exceptional Items |
|
-
- |
- |
-- |
| 10 |
Profit/(Loss) before tax (7)-(8+9) |
(1,984.01) |
(700.03) |
(4,220.83) |
618.01 |
| 11 |
Tax expense |
- |
- |
- |
- |
| |
Current Tax |
- |
(78.96) |
- |
69.70 |
| |
Deferred Tax (net) |
(76.42) |
61.66 |
(813.96) |
88.87 |
| |
Fringe Benefit Tax |
17.43 |
13.96 |
45.86 |
39.55 |
| 12 |
Profit/(Loss) from Ordinary Activities after tax (10-11) |
(1,925.02) |
(696.69) |
(3,452.73) |
419.89 |
| 13 |
Extraordinary Items (net of tax expense) |
|
-
- |
- |
-- |
| 14 |
Net Profit(+)/(Loss)(-) for the period
(12-13) |
(1,925.02) |
(696.69) |
(3,452.73) |
419.89 |
| 15 |
Paid up Equity Share Capital (Face Value Rs. 10/-each) |
7,147.20 |
7,119.70 |
7,147.20 |
7,119.70 |
| 16 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
-
-- |
7815.52 |
11,268.87 |
| 17 |
Earning Per Share (EPS) (not annualized) (Rs.) |
|
|
|
|
| a) |
Basic EPS before Extraordinary items for the period, for the year to date and for the previous year |
(2.70) |
(1.03) |
(4.83) |
0.62 |
|
Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year |
(2.70) |
(1.03) |
(4.83) |
0.62 |
| b) |
Basic EPS after Extraordinary items for the period, for the year to date and for the previous year |
(2.70) |
(1.03) |
(4.83) |
0.62 |
|
Diluted EPS after Extraordinary items for the period, for the year to date and for the previous year |
(2.70) |
(1.03) |
(4.83) |
0.62 |
| 18 |
Public Shareholding |
|
|
|
|
|
Number of Shares |
39,569,103 |
40,590,433 |
39,569,103 |
40,590,433 |
|
Percentage of Shareholding |
55.36% |
57.01% |
55.36% |
57.01% |
|
| 1 |
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'The above audited results for the year ended March 31, 2008 have been reviewed by the Audit Committee and were approved by the Board of Directors in their meeting held on June 30, 2008. |
| 2 |
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'In accordance with the Accounting Standard 17 on Segment Reporting issued by The Institute of Chartered Accountants of India, the Company has identified three Business Segments viz., Textile Manufacturing , Textile Trading and Other Trading. Accordingly, Segment disclosure has been done. |
| 3 |
|
Sales Tax Exemption for the Butibori unit of the Company had expired on December 31, 2005. The Company has applied for an extension of 3 years w.e.f. January 1, 2006 to the Development Commissioner (Industries), Government of Maharashtra and also filed a petition before the Hon’ble High Court, Nagpur to grant relief on the said matter. Based on the legal opinion obtained, the Company has accrued VAT receivable amounting to Rs.542.83 lacs for the period January 1, 2006 to March 31, 2008.On the basis that the sale tax exemption will be extended for a further period of 3 years w.e.f. January 1, 2006, Company has not made provision for sales tax (including interest) amounting to Rs.915.16 lacs payable on sales made during the above period including Rs.120.07 lacs for the quarter and Rs. 401.46 lacs for year ended March 31, 2008. This matter has been qualified in the auditor's report for the year ended March 31, 2008. The management is hopeful of obtaining the exemption. |
| 4 |
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'There were no investor complaints pending at the beginning of the quarter, 25 complaints were received during the quarter and properly redressed and there were no complaints pending at the end of the quarter. |
| 5 |
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Net Sales / Income from Operations include income earned on 'Contract manufacturing' carried out for Bombay Dying and Manufacturing Company ('BDMC') amounting to Rs. 53.35 lacs for the quarter and Rs. 1,815.41 lacs for the year ended March 31, 2008 (corresponding previous quarter Rs. 444.03 lacs and Rs. 1,180.36 lacs for the year then ended) |
| 6 |
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In order to optimize operational efficiency, during the quarter, management has decided to terminate production at Ahmedabad factory and dispose assets in phased manner. As on March 31, 2008, the management has categorised such assets as 'Fixed Assets held for sale' which have been stated at lower of net realizable and written down value and accordingly, accounted loss of Rs.38,750,750. |
| 7 |
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Consolidated figures for the corresponding quarter and year ended March 31, 2007 do not include results of Schoeller Litvinov, k.s. and its related entities. Accordingly, these results are not comparable with the current periods. |
| 8 |
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The Standalone financial results of the Company for the quarter and year ended March 31, 2008 will be available on the Company's Website and on the Website of BSE and NSE. |
| 9 |
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'Previous period figures have been regrouped wherever necessary, to conform to the current period presentation. |
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| BY ORDER OF THE BOARD OF DIRECTORS, |
| For SPENTEX INDUSTRIES LIMITED, |
|
| Sd/- |
|
| MUKUND CHOUDHARY |
| MANAGING DIRECTOR |
|
| Place : New Delhi |
| Date : June 30, 2008 |
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